[atq2119]

I would be very worried if the machines actually executing orders today were anywhere close to 100% load on average, because of the well-known issue where tail latency explodes as you get closer to 100% load. So I doubt the relevance of everything you wrote there.

Batched auctions require different algorithms, sure. They may even be more expensive to execute. I suppose you have to sort the batch once instead of sorting as you go. Maybe that makes it O(n log n) instead of O(n)? Can you keep a traditional order book up-to-date in O(1) per transaction? Either way, seems like this should be a non-issue. Even if exchanges need to add more shards for order processing, that's just not a big deal.